Worldcoin To Breakout? Analyst Sets Target After 4-Month High

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Worldcoin (WLD) has seen a nearly 40% surge in the last week, briefly testing the $3 mark. The cryptocurrency hit a 4-month high after nearing the upper zone of a multi-month range. Its recent performance has fueled investors’ optimism about a possible breakout, which could send the token to new highs.

Worldcoin Hits 4-Month High

Worldcoin has seen a considerable decline since hitting its all-time high (ATH) of $11.74, retracing around 75% from its March high. During the Q3 retraces, the cryptocurrency lost the $3 support, diving below the $2 mark after August’s “Black Monday.”

Since then, WLD has hovered between the $1.3-$3.2 price range, consolidating below the $2.5 for the past couple of months. Following the November Post-election rally, Worldcoin has surged around 75% in three weeks, reclaiming the $2 zone.

Earlier this week, the cryptocurrency’s momentum propelled WLD above the $2.5 resistance level for the first time in three months, turning it into support the following days.

Moreover, the token surged 23% intraday, hitting its four-month high on November 28 after momentarily trading above the $3 mark.

Crypto analyst Yuriy suggested that a “big move” is coming for the cryptocurrency. The analyst noted that WLD’s open interest (OI) has significantly surged this month, rising 135% since election day.

According to Coinglass data, Worldcoin’s OI jumped from $184 million to $433 million in three weeks, recording its second-highest day on Wednesday. Additionally, it has seen a 9.65% in the last 24 hours and a 12% jump in the past hour, signaling heightened confidence and participation in the cryptocurrency.

To Yuriy, the cryptocurrency could follow the steps of Cardano (ADA), which recently saw its price hit a 2-year high. Following its OI increase, the token recovered from its 75% decline and broke out of its multi-month consolidation range, reclaiming the long-awaited $1 mark.

WLD’s Breakout To Target $3.5

The analyst explained that, after the recent WLD price action, the $2.8 mark is a crucial support level to confirm, as it served as a significant resistance level earlier this month. As a result, consolidating above this level could propel the token’s price to the next target.

The token is nearing a breakout from the 4-month range, which could target the $3.5 price range in the short term. Analyst AMBcrypto pointed out that the $3.5 mark is the next major resistance for Worldcoin, indicating that a breakout from this level “will push it towards the previous high” of $11.

As of this writing, Worldcoin trades above $2.9, having surged 31% in the last month. Additionally, the token has seen a 42% increase in daily activity, registering a trading volume of $1.67 billion in the past 24 hours.

Worldcoin, WLD, WLDUSDT — Worldcoin’s performance in the one-week chart. Source: WLDUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

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